Depositary Business Control

At U.S. Bank, we're on a journey to do our best. Helping the customers and businesses we serve to make better and smarter financial decisions, enabling the communities we support to grow and succeed in the right ways, all more confidently and more often—that's what we call the courage to thrive.   We believe it takes all of us to bring our shared ambition to life, and each person is unique in their potential. A career with U.S. Bank gives you a wide, ever-growing range of opportunities to discover what makes you thrive. Try new things, learn new skills and discover what you excel at—all from Day One.

As a wholly owned subsidiary of U.S. Bank, Elavon is committed to building the platforms and ecosystems that help over 1.5 million customers around the world to achieve their financial goals—no matter what they need. From transaction processing to customer service, to driving innovation and launching new products, we're building a range of tailored payment solutions powered by the latest technology. As part of our team, you can explore what motivates and energizes your career goals: partnering with our customers, our communities, and each other.

We actively uphold transparent and fair hiring practices that support individual opportunity, inclusive culture, and career mobility across all levels of our organisation.

We offer meaningful opportunities for growth, a culture of inclusion, and a strong commitment to transparency and integrity in everything we do.

Job Description U.S. Bank introduced its full depositary services offering in Europe in 2018. The offering supports. Regulated investment funds domiciled in the EU that are required to appoint a depositary to comply with the Alternative Investment Fund Managers Directive (AIFMD) and the Undertaking for Collective Investments in Transferable Securities Directive (UCITS

Since July 2020, Elavon Financial Services DAC trading as U.S. Bank Depositary Services Luxembourg is authorised and supervised by the Commission de Surveillance du Secteur Financier.

The Role:

As a Business Control and Reporting you are a confident depositary professional with a comprehensive understanding of the Luxembourg financial Services market.  You are comfortable working within a robust control framework to support the growth of the Depositary function.  Your knowledge of the Depositary obligations for UCITS and AIFMD funds is comprehensive. 

This role will support the Luxembourg Branch and Depositary businesses in Luxembourg and Ireland.

Assist for co-ordination of the administration of the Branch. Maintain understanding of local regulations.

Assist the locally based representative for fiscal and administrative matters.

Key Requirements:

• Help ensuring that the Branch structure is appropriate for the level of activity and risk involved.

• Responsible for the review of the Enterprise Compliance Risk Assessment (ECRA).

Assist in reviewing Risk Appetite Statement – Record of Processing Activity (General Data Protection Regulation).

Assist in reviewing various internal/external Audit impacting the Branch and follow-up.

Assist with AML/PEP reviews.

• Responsible for ensuring a timely and accurate regulatory reporting to CSSF/BCL/Judicial Police and similar requests, as well as internal reporting i.e. Foreign Bank Account Reporting (FBAR); EU Monthly metrics

etc. Ensure remediation of requests raised to us by regulator(s)/BCL, etc.

• Assist in reviewing the Outsourcing arrangements (and providers). Any SLA/SOWs, including Third Party Risk Management (TPRM) considerations.

• Ensure all established Depositary procedures and controls are completed accurately and in a timely manner.

Ensure compliance with EFS polices and risk management framework.

• Ensuring a proper Clients' invoicing.

• Responsible for the administrative co-ordination of reviews of the fund administrator, transfer agent and AIFMs/ManCos (Due Diligences).

• Support the Depositary Management in the expansion of the Depositary team.

• Interact with colleagues, peers and superiors in a way that ensures the 'end goal' is achieved in a productive way.

• Be involved in clients' interactions (presentations, escalations...). Various regular clients/internal enquiries.

• Idea generation and ongoing assessment and improvement of operational service model.

• Work on Projects / Ad hoc tasks as required.

Candidate requirements:

• Minimum 5 years relevant Depositary/Trustee industry experience.

• Knowledge of AIFMD/UCITS regulations.

• Fluency in English Language (both verbal and written) essential.

• Strong oral and written communication skills.

• Excellent communication and analytical skills with keen attention to detail.

• Excellent interpersonal with customer focus.

• Strong organisational and administrative skills.

• Individual who takes initiative and ownership of assigned responsibilities.

• Positive 'can do' attitude with excellent problem-solving skills.

• Detail-oriented.

• Team player.

• Ability to multi-task, prioritise work and manage time to maximise efficiency and to meet strict deadlines.

• Flexible / Adaptable.

• You hold a university degree, preferably in Accounting & Finance or Economics.

Accessibility

We are committed to providing an inclusive and accessible recruitment experience. If you need adjustments at any stage of the application or hiring process, please contact your recruiter for guidance and support.

Total Rewards

U.S. Bank is committed to fair, equitable, and transparent compensation practices in line with local regulatory and legal requirements. Our total rewards approach is designed to attract, retain, and support top talent while ensuring equal pay for work of equal value.

We offer a market-competitive compensation package that includes:

• Clearly defined salary ranges aligned with industry benchmarks and internal equity standards.

• Performance-based incentives for eligible employees (as defined by relevant plan rules), awarded through transparent, objective criteria that recognize both individual and company performance.

• Inclusive equitable benefits that are accessible to all employees and focused around our 3 main pillars of financial wellbeing, health & wellness).

• Continuous development opportunities including training, education support, and career progression pathways based on inclusive and transparent criteria.

• Employee recognition programs that celebrate achievements and milestones for all.

We regularly review our compensation and benefits to ensure they remain competitive, inclusive, and responsive to employee needs and market trends. Further details of the compensation package will be provided upon application.

We encourage candidates to explore the full value of our offer, including monetary and non-monetary benefits, at Employee benefits and development | U.S. Bank | Elavon.

 

Closing Date

Posting may be closed earlier due to high volume of applicants.

We aim to provide timely updates throughout the process and encourage early applications to ensure consideration.

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